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Bank fines to fund apprenticeships

James Brokenshire has welcomed the Prime Minister’s announcement that the £227million fines levied against Deutsche Bank for manipulating the LIBOR and EURIBOR inter-bank lending rates will be used to create a further 50,000 apprenticeships.

This announcement comes in addition to the 3 million apprenticeships that a future Conservative Government has pledged to deliver over the course of the next Parliament and will specifically target young people aged between 22 and 24 who have been unemployed for six months or more.

Since 2010, apprenticeships have become more popular as Government reforms have seen their quality – and therefore the employability of the young people that undertake them –improve. Two million people started an apprenticeship during the last five years, each of them earning whilst they learnt and gaining the important skills that they need to get on in life.

Commenting following the Prime Minister’s announcement, James said:

“I cannot think of a better way to utilise the money recovered from those banks that acted unscrupulously than using it to help train and inspire our young people and the workforce of tomorrow. Apprenticeships offer young people an incredible start in life, through the opportunities they provide to learn practical skills on the job.”

“Since 2010, the Government has made good progress on tackling youth unemployment and a future Conservative Government will continue to work with employers to provide opportunities for everyone that seeks one.”